Assahra Al Maghribya: 15 international oil companies prospect currently in Morocco
Morocco, Economics, 4/12/2005

Fifteen international oil companies are currently prospecting in various regions of Morocco investing around MAD 500 million annually, about 50 million euros, said Mrs Amina Benkhadra, Managing Director of the Moroccan Office of Hydrocarbons and Mining (ONHYM).

Mrs Benkhadra told "Assahra Al Maghribya" daily the country is at an important stage of study that confirms the importance of oil fields.

She said the around MAD 110 million ONHYM budget falls short of conducting comprehensive studies and research necessary in oil and mineral exploration, adding without accurate studies, it is impossible to know the country's energy potential. Mrs Benkhadra said the prospecting operations of three offshore drillings "are not negative," but did not yield signs of profit-making oil or natural gas presence.

Oil fields in Morocco are still not tapped enough, for drilling has not yet reached 0.01 well per 100 square km, when international average is 8 wells per 100 square km, she said.

Previous Stories:
  Moroccan customs revenues increased 6.1% in 2004   (4/9/2005)
  4.7% increase in Moroccan expatriates' remittances in January, February 2005   (4/9/2005)
  Moroccan GDP to reach 2.8 percent growth in 2005   (4/9/2005)
  Tanger-Med port construction works half way of completion   (3/31/2005)
  Over MAD 3 billion of fisheries production in Morocco in 2004   (3/5/2005)
  Morocco, China to assess oil opportunities in Morocco   (3/4/2005)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search